Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2018 - G.S.R. 265(E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) (FINANCIAL MARKETS DIVISION) NOTIFICATION New Delhi, the 22nd March, 2018 G.S.R. 265(E). In exercise of the powers conferred by section 29 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) , the Central Government hereby makes the following rules further to amend the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992 , namely:- 1. (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the official Gazette. 2. In the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992 , for rule 4 , the following rule shall be substituted, namely;- 4. Pay.- (1) The Chairman and Whole Time Members shall have the option to receive pay as admissible to a Secretary to the Government of India in the case of a Chairman and an Additional Secretary in the case of a Whole Time Member; or a consolidated salary of such amount, as may be determined by order of the Central Government, without house and car. (2) The pay or the consolidated salary referred to in sub-rule (1) shall be applicable with effect from such date as the Central Government may by order, determine, from time to time: Provided that where a person who has retired from service under the Central Government or a State Government who is in receipt of, or has received, or has become entitled to receive any retirement benefits by way of pension, gratuity, employer s contribution to the Contributory Provident Fund or other funds or retirement benefits, is appointed as Chairman or a Whole Time Member and such person exercise his option to receive pay as admissible to a Secretary or as the case may be, an Additional Secretary to the Government of India, then the pay and allowances of such Chairman or Member, as the case may be, shall be reduced by gross amount of pension and pension equivalent of gratuity or employer s contribution to the Contributory Provident Fund or any other form of retirement benefits, if any, drawn or to be drawn by him. [F. No. 2/14/2011-RE] GOVIND MOHAN, Jt. Secy. Note : The principal rules were published vide number S.O.146(E), dated the 21st February, 1992 and subsequently amended vide number S.O. 153(E), dated the 7th February, 1994, number S.O. 732(E), dated the 18th May, 2006, number S.O. 2037, dated the 23rd July, 2009, number S.O. 2442(E) dated the 7th October, 2010 and number G.S.R. 809(E) dated the 30th December, 2013 .